GIP to take ownership of Edinburgh airport
Global Infrastructure Partners is poised to acquire Edinburgh airport.
Airport news for Edinburgh,Flights on 23/04/2012.
News sources said on Monday that the firm, which owns London City airport as well as Gatwick, is the ‘front runner’ as the next owner of the Scottish facility and that it was amid final talks with the BAA for a deal worth some £850 million following a second bidding round on Tuesday last week.
GIP, which was founded by a consortium led by Credit Suisse as well as General Electric, is said to be working with a number of entities to secure funding for its bid on the Scottish airport; sources said the new consortium includes US pension firm Tiaa-Creff, JP Morgan as well as operators from Korea’s Incheon airport.
GIP’s rising presence as a leading airport operator in the UK market will be further solidified by the deal, experts say; GIP acquired its main asset –south London’s Gatwick airport – three years ago from the BAA for about £1.5 billion.
The news follows last year’s ruling by the Competition Commission that the BAA must further reduce its dominance in the local aviation market by selling off either Glasgow or Edinburgh airport.
Some 10 million travellers pass through Edinburgh airport annually and the facility hosts about 40 airlines offering routes to some 100 destinations.